Bobbie Lee King, Jr. Sells 10,000 Shares of Shoals Technologies Group (NASDAQ:SHLS) Stock

Shoals Technologies Group, Inc. (NASDAQ:SHLS) insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the sale, the insider owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. This represents a 9.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Shoals Technologies Group Trading Down 5.2%

Shares of NASDAQ:SHLS opened at $9.44 on Thursday. Shoals Technologies Group, Inc. has a 12-month low of $3.99 and a 12-month high of $13.18. The stock has a market cap of $1.58 billion, a PE ratio of 47.20, a P/E/G ratio of 1.21 and a beta of 1.90. The business has a 50 day moving average of $9.12 and a 200-day moving average of $8.57. The company has a quick ratio of 1.07, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The company had revenue of $140.56 million during the quarter, compared to analysts’ expectations of $129.16 million. The company’s quarterly revenue was up 74.4% on a year-over-year basis. As a group, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Roth Mkm dropped their price target on shares of Shoals Technologies Group from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Wells Fargo & Company lifted their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, June 11th. JPMorgan Chase & Co. lifted their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, UBS Group lifted their price target on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.71.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Militia Capital Management LLC bought a new position in Shoals Technologies Group in the first quarter valued at approximately $516,000. Edgestream Partners L.P. bought a new position in Shoals Technologies Group in the first quarter valued at approximately $2,235,000. California State Teachers Retirement System increased its stake in Shoals Technologies Group by 31.0% in the first quarter. California State Teachers Retirement System now owns 199,903 shares of the company’s stock valued at $1,315,000 after acquiring an additional 47,318 shares during the last quarter. Redwood Grove Capital LLC increased its stake in Shoals Technologies Group by 20.2% in the first quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock valued at $19,986,000 after acquiring an additional 511,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Shoals Technologies Group by 46.0% in the first quarter. The Manufacturers Life Insurance Company now owns 73,662 shares of the company’s stock valued at $484,000 after acquiring an additional 23,200 shares during the last quarter.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.